Gift Nifty Up 84 Points | HDB Financial Services IPO Approved | LIC MF Aims Rs 1 Trillion Asset Expansion | Top Buzzing Stocks Today

Mon, 23 Sep Pre-Open

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Indian benchmark indices remained positive as the session progressed and ended the day on firm footing.

Indian stock market benchmarks-the Sensex and the Nifty 50-jumped over a per cent each to hit fresh record highs in morning trade on Friday, 20 September.

At the closing bell on Friday, the BSE Sensex stood higher by 1,360 points (up 1.6%).

Meanwhile, the NSE Nifty closed higher by 375 points (up 1.5%).

L&T, M&M and JSW Steel were among the top gainers.

SBI, NTPC and Grasim Industries on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

The BSE MidCap index ended 1.1% higher and BSE SmallCap index ended 1.4% higher.

Sectoral indices were trading higher with socks in capital goods sector and realty sector witnessing most buying speer.

Gold prices for the latest contract on MCX were trading 0.5% higher at Rs 73,771per 10 grams at the time of Indian market closing hours on Friday.

At 7:50 AM today, the Gift Nifty was trading 84 points higher at 25,924 levels.

Indian share markets are headed for a positive start today following the trend on Gift Nifty.

At 7:50 AM today, the Gift Nifty was trading 84 points higher at 25,924 levels.

Indian share markets are headed for a positive start today following the trend on Gift Nifty.

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Top buzzing stocks today

Patel Engineering share price will be in focus today.

Patel Engineering shares rose over 5% to Rs 60.4 in the afternoon on September 20 after the company announced that it has secured a Rs 2.4 bn NHPC contract for Teesta-V Power Station.

The contract involves civil and hydro-mechanical works for modifying the diversion tunnel into a tunnel spillway arrangement at the Teesta-V Power Station in Sikkim.

Suzlon Energy will also be a top buzzing stock.

Shares of Suzlon Energy edged higher as the renewable energy solutions provider's stock has been excluded from the Stage 1 Additional Surveillance Measure (ASM) framework. The stock was earlier placed under this regulatory mechanism by the stock exchange.

HDB Financial Services IPO Approved

India's HDB Financial Services, a unit of HDFC Bank, has approved raising Rs 25 bn (US$ 299 m) through a fresh issue of shares in its initial public offering.

Existing shareholders will also sell some stake in the IPO via an offer for sale, the details of which were not revealed in an exchange filing.

HDB Financial's listing follows the country's central bank norms introduced in 2022, which required large non-banking financial companies (NBFC) to be listed on stock exchanges by September 2025.

Earlier in 2024, HDFC Bank had said it planned to start the process of HDB Financial's listing later in the year.

Incorporated in 2007, HDB Financial provides secured and unsecured loans and has more than 1,680 branches across India.

In addition, it offers services for marketing and promoting diverse financial products. HDB Financial Services operates as a subsidiary of HDFC Bank, a well-respected name in the financial industry.

For more details, check out our editorial- Upcoming IPO of HDB Financial Services: HDFC Bank Can Finally See Value Unlocking.

LIC MF Aims Rs 1 Trillion Asset Expansion

LIC Mutual Fund is aiming to increase its assets under management (AUM) by more than three-fold to Rs 1 trillion (tn) by March 2026, and line up new funds, including a multi-asset fund as well as exchange traded funds (ETFs).

In the current financial year, plans are underway to launch several new funds, including a multi-asset fund as well as ETFs, said the MD and CEO during the NFO launch of LIC MF's Manufacturing Fund.

On micro-SIPs, Jha said the fund is all set to introduce lower investment thresholds, reducing the minimum monthly investment from Rs 1,000 to Rs 200, and daily SIP investment to Rs 100 from Rs 300 earlier.

Making SIPs more accessible could bring in small investors who may have previously not have had the opportunity to use the mutual fund route.

The MD and CEO added that while they will be watching out for more information on the 'new asset class', they aren't in any hurry to launch in this space.

The LIC MF Manufacturing Fund NFO will be open from 20 September to 4 October and will be benchmarked against the Nifty India Manufacturing Index.

The fund aims to capitalise on and invest in companies focused on the manufacturing theme across sectors including metals, automobiles and auto parts, pharma, shipbuilding etc.

The fund house noted that the opportunities in the segment were immense on the back of the push for import subsidisation, China+1 strategy, availability of labour and government support through schemes like PLI etc.

Leela Hotels Owner Files for IPO

Schloss Bangalore, owner of Indian luxury hotel chain 'The Leela', has filed for a Rs 50 bn ($599 million) IPO on Friday, aiming to cash in on the country's red-hot stock market.

Schloss is the latest in a string of Indian companies rushing to go public in a stock market that is cruising at record highs and is trailing only Wall Street's Nasdaq and S&P 500 as the top-performing indexes this year.

As of mid-September, about 235 companies have gone public in the country and raised more than US$ 8.6 bn, which exceeds the total amount raised last year, LSEG data showed.

Schloss is issuing fresh shares worth Rs 3,000 cr, while shareholder Project Ballet Bangalore Holdings (DIFC), an affiliate of Brookfield Asset Management, is selling shares worth Rs 20 bn.

The company, which operates 12 luxury hotels across India and is planning to add eight more through 2028, said it will use proceeds from the fresh issue to repay debt.

Sustained travel demand and successful listings of hotel firms, such as Samhi Hotels and Juniper Hotels have inspired investor confidence in the sector.

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